Founded in 1903, HDI Versicherungen is headquartered in Hanover, Germany and operates with subsidiaries and branches on five continents and is active in more than 175 countries. It is active in the business areas of private and corporate insurance in Germany, private and corporate insurance internationally, industrial insurance, reinsurance and in the field of asset management. As of June 2022, HDI Versicherungenhas over EUR 136 billion assets under management.
HDI Versicherungen identified and prioritised its impacts through a materiality assessment process which included feedback from external stakeholders. The financial institution publicly commits to gender equality and women’s empowerment and discloses a list of trade associations of which it is a member including sustainability- and non-sustainability-related organisations.
HDI Versicherungen discloses the aggregate amount finance it devotes to climate solutions while specifying what these solutions are. Furthermore, the financial institution discloses that its climate solutions are aligned with the EU Taxonomy.
HDI Versicherungen has a publicly available policy statement committing it to respect human rights. The financial institution also discloses the proportion of its total direct operations workforce for each employee category by age group and gender. It also has a policy prohibiting bribery and corruption and has a grievance mechanism for stakeholders to raise concerns and complaints regarding bribery and corruption. Furthermore, it discloses the proportion of its total direct operations workforce covered by collective bargaining agreements.
In terms of its approach to senior leadership accountability, there is no evidence that HDI Versicherungen assigns responsibility for sustainability to the group’s supervisory board. While Talanx Group has a new remuneration system that links non-financial and sustainability themes to the board of management remuneration, there is no evidence that the financial institution links the remuneration of the group’s executive team to sustainability performance criteria. In terms of female representation in leadership positions, women are underrepresented on the board of directors where only 5 out of 16 board members are women. The financial institution also has an opportunity to describe its engagement approach on sustainability themes and impact topics with clients and investees.
There is no evidence that HDI Versicherungen discloses a target to reach net-zero financed emissions by 2050. The financial institution also has an opportunity to disclose the key sectors and companies it has identified as priorities to engage with on climate change, specifically on the alignment with the Paris Agreement. Additionally there is no evidence that the financial institution discloses time-bound targets explicitly for its climate solutions and that it is committed to minimising its negative impacts or financing regenerative solutions.
HDI Versicherungen has an opportunity to describe a comprehensive process for identifying its human rights risks and impacts across all its activities, especially its financing activities. To provide transparency on financial inclusivity, the financial institution has an opportunity to disclose the amount of finance directed towards for example small to medium sized enterprises or low-income developing countries.